Korean Exchange Korbit Adds Ethereum Trading Market

Another exchange platform has decided to add Ethereum to its list of trading markets. After this popular digital currency started making headway in Japan thanks to Coincheck, Korbit in Korea is the next platform to jump on the Ethereum bandwagon. Slowly but surely, Ether is catching up to Bitcoin regarding accessibility, although there is still a long way to go before the two can be properly compared.

Korbit Brings Ethereum to Korea

In an email sent out to platform users, the Korbit exchange team announced the addition of Ethereum to their trading markets. This is another notch in the belt for this popular digital currency, as Ether becomes more accessible to users all over the world. Getting listed on exchanges in both Japan and Korea in less than 72 hours is quite an interesting feat to make note of.

For the time being, users will only be able to trade between Bitcoin and Ethereum, as there are no plans to offer a fiat currency trading option just yet. However, Korbit users can fund their account with Korean Won and convert that balance to Bitcoin rather quickly. Intermediary steps can be quite annoying, but sometimes, they are necessary to reach the intended goal or destination.

Additionally, Korbit users will need to transfer funds from their KRW-BTC wallet to their BTC-ETH wallet. These swaps will take place instantly, are not subject to any fees. Traders are warned about how wild Ethereum price fluctuations may cause the exchange operators to stop orders for a brief period.

It will be interesting to see if there is a significant demand for Ethereum in Korea, as the country is still in the early stages of warming up to Bitcoin. Arbitrage opportunities between the two popular digital currencies could lead to an increase in trading volume on Korbit, though, which is never a bad thing.

Considering how there is no option to trade Ethereum against the Korean Won on Korbit for the time being, there is no need for new users to go through a thorough identification process either. This should allow anyone in the world to deposit and withdraw both Bitcoin and Ethereum from the platform with relative ease.

About The Author

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.